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Thursday, 11 August 2011

Dana Gas PJSC, the Middle East's private sector natural gas company, has announced its financial results for the quarter ending in June, with a net profit after tax of Dh124 million, a 276 per cent increase compared to the second quarter of 2010.

Revenue from the sale of hydrocarbons increased to Dh627 million during the second quarter, with gross profit reaching Dh341 million. These figures represent increases of 46 per cent and 90 per cent respectively, compared to the same period last year.

This is due to strong production growth coupled with higher market prices for oil, condensate and LPG during 2011. Production increased in aggregate by 20 per cent, from the company's operations in Egypt and in the Kurdistan region of Iraq, where production from the Khor Mor field continues to increase.